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LSE in talks to buy India exchange stake - report
MUMBAI, March 30 |
MUMBAI, March 30 (Reuters) - The London Stock Exchange (LSE.L) is in talks to buy a stake in new Indian stock exchange MCX-SX, the Business Standard reported on Monday.
The newspaper said a spokesman for the LSE would not comment on the discussions, but told the paper: "We have a strong commitment to the Indian market and feel certain that the country will continue to be at the centre of our international business."
MCX-SX currently offers currency derivatives trading and is awaiting regulatory approval to begin equity trading.
Financial Technologies (FITE.BO) owns 49 percent of MCX-SX, while group firm Multi Commodity Exchange (MCX) holds 51 percent. Financial Technologies also owns 32 percent of MCX.
The group is required to bring down its holding to below 51 percent in MCX-SX, which began currency derivatives trading last October, within one year of operations under Indian regulations, the newspaper said.
The group is also talking to other global investors for selling a stake, it said.
Foreigners, including stock exchanges, can invest up to 5 percent each in Indian bourses.
A spokesman for Financial Technologies reached by Reuters declined to comment on the report. (Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)
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